Gemini Trust is the latest crypto exchange to file U.S. early public offerings (IPOs) following the path of bullish exchange with Coinbase. The exchange discovered by Winlevoss Twins submitted its IPO just before last weekend. This includes important information on exchange performance since its launch in 2025.
The August 15 filing reveals that Gemini revenues fell in the first half of 2025, with net losses growing, highlighting both the challenges and opportunities exposed in the still non-volatile industry. According to the filing, Gemini reported a net loss of $282.5 million with revenue of $608.6 million for the six months ended June 30th.
Gemini is considering trading in the US stock market under ticker GMNI. Currently, Goldman Sachs and Citigroup are leading IPO delivery. A successful list about Nasdaq could quickly surge in stock. Bullish (BLSH) stock has more than tripled in its debut. Additionally, Circle Internet Group, publisher of USDC Stablecoin, saw its inventory nearly 10 times higher on the first day of the transaction.
Gemini Trust will also use IPO revenues to repay debt and invest in technology, as well as what Coinbase and Bullish did. Gemini has secured a $75 million credit line from Ripple (from expandable to $150 million) and has repaid its current several loans.
“The questions for investors regarding Gemini revolve around business mix and trading and custody moats, their differentiation of trust and growth, and Coinbase cannot be copied by Tuesday.”
